Malaysia Shares: Support Expected At 1,600 Points

(RTTNews) - The Malaysia stock market has tracked lower in back-to-back sessions, slipping more than 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it's expected to find traction on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KLCI finished modestly lower on Friday following losses from the financial shares, plantation stocks, telecoms and industrials.

For the day, the index sank 12.99 points or 0.80 percent to finish at 1,604.47 after trading between 1,597.68 and 1,617.26. Among the actives, 99 Speed Mart Retail sank 0.89 percent, while AMMB Holdings dipped 0.67 percent, Axiata crashed 6.95 percent, Celcomdigi weakened 1.80 percent, CIMB Group rallied 2.27 percent, Gamuda contracted 1.83 percent, IHH Healthcare added 0.36 percent, IOI Corporation dropped 1.24 percent, Maxis slumped 1.72 percent, Maybank slid 0.70 percent, MISC surrendered 2.72 percent, MRDIY tumbled 2.58 percent, Nestle Malaysia retreated 1.93 percent, Petronas Dagangan skidded 1.49 percent, Petronas Gas declined 1.90 percent, PPB Group stumbled 2.65 percent, Press Metal perked 0.15 percent, QL Resources plunged 4.71 percent, RHB Bank slipped 0.57 percent, Sime Darby tanked 2.99 percent, SD Guthrie lost 0.76 percent, Sunway climbed 1.11 percent, Telekom Malaysia shed 0.80 percent, Tenaga Nasional fell 0.75 percent, YTL Corporation plummeted 4.92 percent, YTL Power cratered 8.43 percent and Kuala Lumpur Kepong, Petronas Chemicals and Public Bank were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the day for a fifth straight session.

The Dow jumped 289.30 points or 0.61 percent to finish at 47,716.42, while the NASDAQ rallied 151.00 points or 0.65 percent to end at 23,365.69 and the S&P 500 climbed 36.48 points or 0.54 percent to close at 6,849.09.

For the holiday-shortened week, the NASDAQ spiked 4.9 percent, the S&P 500 jumped 3.7 percent and the Dow climbed 3.2 percent.

Renewed optimism about the outlook for interest rates has contributed to the recent rebound following dovish comments from leading Federal Reserve officials. CME Group's FedWatch Tool is currently indicating an 86.9 percent chance the central bank will cut rates by another quarter point at its December meeting.

Trading activity remained somewhat subdued, however, as some traders remained away from their desks following the Thanksgiving holiday.

Crude oil prices edged higher on Friday a proposed peace deal to end the Russia-Ukraine war remains in limbo. West Texas Intermediate crude for January delivery was up $0.18 or 0.31 percent at $58.83 per barrel.